Synovus Financial (NYSE:SNV) Price Target Cut to $42.00 by Analysts at Piper Sandler

Synovus Financial (NYSE:SNV) had its price target lowered by Piper Sandler from $46.00 to $42.00 in a research note issued to investors on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Several other equities research analysts also recently issued reports on the stock. Bank of America lowered their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research report on Friday. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research report on Tuesday, April 9th. Truist Financial increased their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research report on Monday, April 1st. Keefe, Bruyette & Woods reissued a market perform rating and set a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a research report on Friday. Finally, Barclays decreased their target price on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Trading Up 3.0 %

SNV opened at $34.91 on Friday. The firm’s fifty day moving average is $37.91 and its two-hundred day moving average is $34.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.11 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter last year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities research analysts anticipate that Synovus Financial will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is 52.05%.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Synovus Financial during the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC acquired a new position in Synovus Financial in the fourth quarter valued at approximately $30,000. Lazard Asset Management LLC lifted its stake in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares during the period. Finally, American National Bank acquired a new position in Synovus Financial in the fourth quarter valued at approximately $38,000. 83.85% of the stock is owned by institutional investors.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.